Adam,Bob,Charlie and Dan Formed an Architecture General Partnership in 1992

question 69

Essay

Adam,Bob,Charlie and Dan formed an architecture general partnership in 1992.Business went well for many years,until Adam began "cutting corners" on his jobs in 2000.He was voted out of the partnership in December of 2000.In June of 2001,the partnership and all four partners were sued by one of Adam's clients.In October 2001,Ed was admitted to the partnership.In March of 2003,three lawsuits were filed against the firm and its partners.The first was based on Adam's work in 1999.The second was based on Bob's work in 2000.The third was based on Charlie's work in 2002.Discuss Ed's liability for these lawsuits.

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Definitions:

Savings Increase

A rise in the amount of money set aside for future use, typically in a deposit account or investment vehicle.

Zero Percent Interest

Zero Percent Interest describes a financing or credit offer where no interest is charged on the principal amount for a specific period, typically used as a promotional strategy.

House Money Effect

The tendency of individuals to take higher risks when dealing with profits from previous bets or investments, as if playing with "house money."

Lottery

A form of gambling that involves drawing numbers at random for a prize, with varying rules and structures depending on the type.